Shares of Petroleo Brasileiro (PBR, quote) have underperformed the iShares MSCI Brazil (EWZ, quote) by about 20% over the last year as state controls on gas prices forced the company to sell at a loss in the domestic market.

Russia’s state-owned natural gas giant Gazprom (OGZPY, quote) will take over natural gas trading and storage businesses it jointly owns with the world’s largest chemical company, Germany’s BASF (BASFY, quote), as part of an asset swap meant to avoid further winter supply disruptions to Europe that have occurred in recent years.

When the most successful hedge fund manager in history invests in a country, it usually pays to take a closer look. Ray Dalio, head of hedge fund Bridgewater Associates, made the Brazil ETF (EWZ, quote) his biggest acquisition for the second quarter of 2012. Investors seeking income would do well to check out Companhia Energética de Minas Gerais S.A., better known as Cemig (CIG, quote).